Even with all the talk of replacing hydrocarbon-fueled engines with electric or hydrogen-powered motors, the oil and gas sector still likely has a long future. The International Energy Agency has said that oil and gas will be part of the energy mix moving forward to 2050 and beyond. This means that a net zero future must include oil and gas companies, many of which are committing to 2050 carbon reduction targets.
While the commitment from the industry, companies and key stakeholder is strong, how can oil and gas companies do their part in the global decarbonization quest, recognizing that the industry’s products are an essential part of daily life? A combination of short-term and long-term steps are key and many are already being taken. The challenging part will be bridging the gap between short- and long-term solutions.